Alliander is one of the largest regional energy network companies in the Netherlands, distributing energy to more than three million customers through an electricity network which extends over 97,000 kilometres and a gas network covering 42,000 kilometres. 

The company, which is owned by 74 Dutch provinces and municipalities is committed to providing an energy system where everyone has equal access to reliable, affordable, and renewable energy. To deliver its mission, the company follows a four-pillar strategy:

1. Supporting customers in making choices that are not just good for them, but also for the energy system, 
2. Building new open networks, 
3. Digitising networks while continuing to work on 
4. An excellent network operation.

With energy supply changing and increasingly coming from sustainable sources such as wind and solar in the coming years, Alliander plans to invest more than €2.1 billion to make the energy system future-proof.

Seeking to raise funding for their investments in the electricity grid, Alliander selected NatWest as an Active Bookrunner for an 8-year and 12-year green dual tranche, which marked Alliander’s first visit to the market in 2025 and their first dual-tranche transaction since 2009.  
 
In the run-up to this trade, NatWest acted as the Sustainability Coordinator, assisting Alliander in updating its Green Finance Framework to achieve partial alignment with the EU Taxonomy – specifically the EU Taxonomy screening criteria and Do No Significant Harm (DNSH) principles. This followed a careful triangulation with the client around best available alignment that also met auditor requirements. 

Announcing the transaction – issued under Alliander’s newly-published 2025 Green Finance Framework for which NatWest had served as Sustainability Coordinator – with a nominal “will not grow” value of €500 million for each tranche, orderbooks quickly reached over €5 billion, evenly split between the two bonds. This allowed Alliander to tighten the pricing to levels which represented the second tightest i-spreads achieved by a corporate YTD for both the 8-year and 12-year green bonds.

Looking at origin, investors from Benelux led demand for both tranches, taking 40% of the allocation of the 8-year bond and 32% of the 12-year bond. French investors followed with 20% and 21% respectively, while DACH investors took 18% and 27% respectively. 

The two green bonds, which carry coupon rates of 3% and 3.5% respectively, have brought the overall amount of green bonds issued by Alliander to €4.45 billion. 

Enno Dykmann, Treasurer, Alliander, commented: “We are delighted to have attracted a number of new sustainable investors with this issuance. The high demand confirms that we are on the right track with our strategy, which is focused on sustainability, digitalisation and growth.”

Thomas Hansson, Managing Director, Debt & Financing Solutions, NatWest, said: “We congratulate Alliander on attracting high calibre investors and achieving a well-diversified orderbook, underlining its strong credit story in combination with its sustainability credentials.” 

Dr Arthur Krebbers, Managing Director, Sustainable Finance Advisory, NatWest, added: “We’re proud of the long-standing relationship we have built with Alliander in the area of sustainable finance. The company plays a critical role in the electrification and hence transition of the Dutch economy, which is recognised by its growing following of debt investors.”